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The Sarbanes Oxley Act :: View topic - Third party enforcement on foreign entities
Posted: Mon Jan 26, 2009 8:18 pm Post subject: Third party enforcement on foreign entities
I manage a small New Zealand company which handles the accommodation, entertainment and travel needs of US corporations when they visit New Zealand on incentive programmes. These corporates usually contract our services via a US-based Incentive Travel fulfillment company. We recently bid for, won and then successfully operated one such programme. At its conclusion, our client, the Incentive Travel Company, paid us in full based on the verified line by line breakdown of each service we provided. It is accepted that each line item consisted of the service (eg hotel rooms) that included our confidential margin or commission.
We have now been contacted by our client, to say that their client, the US corporate (with which we had no direct relationship, contractual or otherwise) was demanding as backup all our incoices from our New Zealand suppliers, invoking Soxlaw. We have pointed out that to do so would be unreasonable in that it would not be backup as the invoices would only reveal what we were charged (and thus reveal in the difference, the amount of our margin). To comply would break our contracts with suppliers which have strict confidentiality clauses.
My question: can the US corporate really expect to force the US Travel Fulfillment company to force us to present our supplier invoices when Soxlaw is not applicable in New Zealand and there is not contract between us and the Travel fulfillment company that requires us to do so?
By the way, the way we have done business with our client is absolutely the accepted practise in the US and worldwide.
Joined: Nov 25, 2004 Posts: 787 Location: London, UK
Posted: Tue Jan 27, 2009 3:22 am Post subject:
Short answer is no. Another one to add to the list of things done in the name of Sox.
There is no specific section of the Sarbanes-Oxley Act that they can refer to to get this - to prove this ask them to quote which section of the Act they are invoking in making this request. If you do get a response please let us know here and we can help further.
The requirement on you is to present a valid tax invoice to your customer according to the regime you have contracted in - whether that be US or NZ. You would have no obligation to provide further information to an unrelated third party and no obligation to provide information over and above the requirements of the contract with your customer. _________________ "The art of life is to deal with problems as they arise, rather than destroy one's spirit by worrying about them too far in advance" - Cicero
Our client is being bullied by their client (they have refused to pay our client unless our supplier invoices are produced) and thus we are being bullied in turn. I have followed your advice and will report back.
Joined: Nov 25, 2004 Posts: 787 Location: London, UK
Posted: Wed Jan 28, 2009 8:57 am Post subject:
annoyedkiwi wrote:
Many thanks Dennis.
Our client is being bullied by their client (they have refused to pay our client unless our supplier invoices are produced) and thus we are being bullied in turn. I have followed your advice and will report back.
It happens. And if the contract is lucrative enough one often caves in
However, based on the information you provided, they probably do not have legal grounds for withholding payment.
Good luck _________________ "The art of life is to deal with problems as they arise, rather than destroy one's spirit by worrying about them too far in advance" - Cicero
Posted: Sun Feb 08, 2009 2:29 pm Post subject: Victory
Hi Denis
After our client and our client's client got over their surprise and mortification that we might stand up to them (and figured out that your advice that there is no clause in Sarbanes-Oxley that supported their demands) they have backed off. The ultimate client has reportedly "scolded" our client, but paid them and we, no doubt, will never hear from our client again.
Thank you once again for your invaluable assistance.
Joined: Nov 25, 2004 Posts: 787 Location: London, UK
Posted: Tue Feb 10, 2009 3:17 am Post subject:
Glad to be of help. My normal fee is a cyber-pint _________________ "The art of life is to deal with problems as they arise, rather than destroy one's spirit by worrying about them too far in advance" - Cicero
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